FCA makes inquiries into WH Smith accounting error that wiped almost £600m off value

WH Smith has sold off its high street stores to focus on its branches in airports and railway stations. Photograph: Toby Melville/Reuters

The City watchdog has contacted WH Smith to find out more about its accounting error that wiped almost £600m off the company’s stock market value overnight and led to the departure of its chief executive.

The Financial Conduct Authority (FCA) said it had started making inquiries to assess whether the company had breached UK disclosure rules for listed companies, but was yet to launch a formal investigation.